Shell Nigeria Paid $1.09bn Taxes and Royalties to FG In 2023

Confidence UbaniMay 10, 20241 Mins read129

Shell Nigeria’s tax contributions to the Nigerian government experienced a $27 million decrease in 2023, as reported in the company’s 2023 Briefing Notes obtained by Ripples Nigeria.

The multinational corporation disclosed that it remitted a total of $1.09 billion in corporate taxes and royalties to the Federal Government of Nigeria during the year. Of this amount, Shell Petroleum Development Company of Nigeria Limited contributed $422 million, while Shell Nigeria Exploration and Production Company of Nigeria Limited contributed $649 million.

Despite the significant sum, this figure represents a decline from the $1.36 billion remitted in 2022.

In the Briefing Notes, Shell Companies in Nigeria (SCiN) emphasized their role in fostering economic growth in Nigeria through tax revenue generation, job creation, and support for local businesses.

Osagie Okunbor, Managing Director and Country Chair of Shell Companies in Nigeria, affirmed the commitment of the company to continue contributing to the country’s economic growth through revenue generation and employment opportunities.

Okunbor highlighted Shell’s collaboration with stakeholders to address the issue of oil theft, stating, “We have worked in close collaboration with key stakeholders, including the Nigerian government and our partner Nigerian National Petroleum Company Limited (NNPC Ltd.), to reduce crude oil theft across our production and transmission infrastructure in the Niger Delta.”

He further elaborated on the measures taken by Shell to combat oil theft, including the implementation of anti-theft protection mechanisms for infrastructure such as wellheads and manifolds, as well as the introduction of pipeline technologies to deter illegal activities and prevent crude oil loss.

Shell Nigeria’s Media Relations Manager, Abimbola Essien-Nelson noted that Shell has invested in Nigeria for more than 60 years. Despite enormous revenue generated through taxes and royalties from prominent multinational corporations, the Nigerian government remains fixated on levying its citizenry.

Read: FIJ Reporter Daniel Ojukwu Freed After 10 Days in Police Custody